Total says 2009 capex is within budget

SarahTurner

LONDON (MarketWatch) -- French oil giant Total
FP, -2.05%TOT, -1.32%
Wednesday said that it had $20 billion of cash at mid-June 2009 and fiscal-year capital expenditure is within its $18 billion budget. The firm said that it has ample flexibility to manage its net debt and 2010 cash flow is benefiting from start-ups and cost reductions. Cash breakeven was around $60 a barrel of oil equivalent in the first half of 2009, Total said. The figures were taken from slides that Total will show at its first-half investment presentation later Wednesday.

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